Weinstein Trading and Fading

Hello Yobo,

Thanks for your post.

There is some truth to what your saying and I am burning the candle on both ends. Being in school has really been more difficult in terms of time than I thought it would be. I expected to be able to study a lot more at my trading desk than I have been.

I already talked to bright and some others and the costs are a lot higher. Plus IB has a good short inventory and since I mostly short stocks thats very important.

My trading doesn't normally require much leverage actually and when I am leveraged up its been usually a rule violation

I also do believe I can fix my mistakes and even if I am not making any "mistakes" I think there is always room to improve. Like I said in the first post I believe in "kaizen" in everything. After 12 years of being married I think I am a better husband than I was after the first year. (I might need to confirm that first with the boss.....)

But thanks again for your thoughts and I appreciate the time you took to share them. I traded 100 share lots today with one having a 10 cent stop loss and the other about 40 cents.... so if nothing else the new strat will have a much lower volatility than my other fading market maker style

Best to you during the final trading days of the year

Respectfully,

Robert

Quote from yobo:

I have to agree....

Robert your losses are too big and they are wiping you out. You obviously have a large amount of capital to trade with but listen to this carefully.

You are overworking it, underperforming the markets returns, and doing your family an injustice by trading like this. I understand you have a new baby and are also going to school. That is a lot of pressure. Don't let that get control of your trading.

You obviously are smart. I just hope you are smart enough and detached enough from trading that you can either let go or treat it as a hobby.

Day trading your own money does not make sense. You will be better served by trading your money using modern portfolio theory and adding tactical approaches to timing the rebalancing of your asset classes.

If you really want to trade and think you have a system that works then stop using your money and join a prop firm that can give you enough intraday leverage to make money. Take 25k and open an account with Bright or some other prop firm. They all offer 15:1 long and short leverage.

If you can make that work than your system works. But using straight up money without leverage to underperform the market returns makes no sense. The market will eat you up.

I can already tell, you are thinking..."a day full of mistakes." I can fix those and get back to profitability."

Sounds like to me, you need a break. You are letting your self get consumed by the trading. You are taking on bigger positions as your losses continue....STOP IT!
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Quote from jnorty:

Robert only needs to do 2 things and he'll be fine. stay small as he seems to win when he's small and STAY AWAY FROM SHORTING LOW FLOAT ILLIQUID STOCKS. good luck robert
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Dont forget discipline, I need to improve that as well. I come a long way in the last three months and I am almost totally back to where I was discipline wise as I was at the start of the year when I was really doing great.

I don't think any more "SEED"s will be in my near future on the short side at least.
 
Quote from Pension_Admin:

Hi Robert,

I am not a profitable trader, but I just have some questions:

1) Why not trade bigger time frame?
2) Why not scale in and out?
3) Why not find a more liquid market?

PA
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Hello Pension_Admin,

Hey, glad to see your still around. You should come back and join in the chat again. Great group in there everyday. Let me know if you want the address.

1. I trade all time frames. some trades last for months (LVS was like 8 or 9 months and GE was over a year
2. I almost always scale in and out
3. normally I trade the largest 1200 stocks by volume daily. SEED was a fluke in that the daily average was skewed much higher than the median due to the surge in volume being so extreme. As a result I did not notice until it was way too late that it would not have been a stock I would have looked twice at if I knew it normally traded less than 100K shares and the total cap was so small.

I put measures in place so that the computer will not give a gap up signal "GO" light for anything like that again.

Best to you

Robert
 
Quote from Robert Weinstein:

Hello Pension_Admin,

Hey, glad to see your still around. You should come back and join in the chat again. Great group in there everyday. Let me know if you want the address.

1. I trade all time frames. some trades last for months (LVS was like 8 or 9 months and GE was over a year
2. I almost always scale in and out
3. normally I trade the largest 1200 stocks by volume daily. SEED was a fluke in that the daily average was skewed much higher than the median due to the surge in volume being so extreme. As a result I did not notice until it was way too late that it would not have been a stock I would have looked twice at if I knew it normally traded less than 100K shares and the total cap was so small.

I put measures in place so that the computer will not give a gap up signal "GO" light for anything like that again.

Best to you

Robert
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Hi Robert,

Thanks for answering my questions! You are right, SEED was quite a fluke. The breakout caused so much volume and volatility that they literally changed the ATR.

Your chat room is great, I would definitely like to join your chat room again. Please send me the address.

Thanks!

PA
 
Quote from Pension_Admin:

Hi Robert,

Thanks for answering my questions! You are right, SEED was quite a fluke. The breakout caused so much volume and volatility that they literally changed the ATR.

Your chat room is great, I would definitely like to join your chat room again. Please send me the address.

Thanks!

PA
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Hello Admin,

Glad to see you in there today.

I usually get pretty quit in the afternoons as I been taking some classes and use the time to study (or at least thats what I am supposed to do)

Best

Robert
 
I made a few nice trades on this last day of November

EWA was a short based on the WW signal that I have been working with lately. + 3
CAAS was a trade based on my overbought signal and it worked out well. Stayed pretty small but made several trades in and out of it and the total was good. + 483

JCP – 25

WX was a good trade but I exited near the close at a small gain so I would not have to hold overnight although it was qualified to be held overnight. + 68

+ 529
-11983 Month (about even for the quarter and up probably about double of what I would have made at McDonalds for the year less the employee discount on food)
 
Quote from Robert Weinstein:


CAAS was a trade based on my overbought signal and it worked out well. Stayed pretty small but made several trades in and out of it and the total was good. + 483
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CAAS did some serious run up going from $17 to $20.50. It takes a lot of guts to short that! I am glad that trade worked out for you!

PA
 
Quote from Pension_Admin:

CAAS did some serious run up going from $17 to $20.50. It takes a lot of guts to short that! I am glad that trade worked out for you!

PA
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Hey PA,

Thanks, it was my bread and butter trade so it didn't create much excitement in terms of hanging on and holding down the stress. Especially in light of the small size.

Great to see you around

Robert
 
slow day

most of the day involved either backtesting or schoolwork as I go into finals week.

I did make a couple of trades and a couple of test ones.

SPLS gap up + 97
LVS test WW +944
LLY test WW even (stopped out)
GES + 8
CAAS B8 + 65

CAAS did give a another perfect short signal that I hate to admit but I missed. I was re-organizing my scanning screen and in that process the alert was turned off (I wrote an update to the code and in that process gave an option to have it on or off depending on the use and the default was to be off. That has now been changed to default on and if I forget about setting it in the future it will just go off an extra time and I will be able to switch it off). Luckily “Life” in the chat called it out or I would have completely missed it and would have not made the little that I did on it. + 65

+ 182 Day / Month
 
Turned into a pretty good day

RIG was a WWTL trade that was stopped out + 23
SNTS gap up trade + 28 Didnt make much as I sold at 5.81 (HOD was 5.82) and only 100 shares was lifted on my offer. Almost made a full 30 cents though and for a sub $6 stock I felt that was good.

CAGC gave me two B8 overbought trades back to back and then one more right near the closing. Just doesn’t get much better than that. Didn’t have large size and made full target.
+ 663

I had several trades that came within one or two cents from executing so it was an interesting day though most of it.

ACL was near oversold and I was looking at shorting it when news cam out that a rumor of a buyout was not true. the price started to collapse and I shorted it and the price started to snap back so I covered 300 of 400 shares at a small gain and held the last 100 shares with the thought that the price could lose all the gains for the day. The price moved higher and I started to fade it again but refused to get aggressive. the price did eventually come all the way back to my cost basis but I faded the move down with my covers and in the end took a loss as the news driven trade was no longer valid. – 232

+ 484
+ 666 Month
 
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